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BMW launched its M3 last fall in two-door form and unveiled the four-door variant shortly thereafter. It packs the same M-spec, 4.0-liter, 414-horsepower V-8 as the coupe. The 2008 M3 sedan is about three inches shorter overall than the coupe but weighs about the same. A six-speed manual is the only transmission offered so far, but a dual-clutch automated manual joins the lineup later this year.

You don’t have to rev it like you stole it, but that’s where the joy is found. The engine, derived from the M5’s V-10, still has enough grunt for low-speed, around-town work. The intake and exhaust noises are as much V-12 as V-8 and blend at higher rpm to make one beautiful noise.

The clutch is light, and take-up is linear. Today’s BMW shifters are what they are: not mushy, but with a disconnected feel about them, as if the stick were the size of a straw. We’d wish for something more like what you’d find in a Porsche Carrera, Mitsu Evo, or MX-5. But you always hit the right gear, the ratio spacing is spot on, and there is a certain portion of the enthusiast driving public that still prefers stirring their own transmission.

Steering feedback and response are everything in a car like this. The BMW’s tiller is quick but feels just a bit light. There’s plenty of true road feel, and the car’s lateral acceleration registered at 0.97 g.

Balance is the word that describes the M3. It was the lightning quick through our figure-eight test, which combines acceleration, braking, transition cornering, and grip. The BMW is agile and athletic, tells you everything you want to know, and has high limits. It’s the most fun on a road course, yet is never rough-edged or jarring. The M3 shucks off mid-corner bumps, has great stability at speed, and is a neutral handler.

The BMW’s cabin is somber, or businesslike, depending on how you view it, but we liked the carbon-fiber patterned leather that adorned the I.P. and armrests. The seating is comfy for street work, but doesn’t have enough support to keep you planted during really hard cornering. And while the M3’s wheel looks good, it is wrapped in smoothly finished leather that lacks grip.

BMW’s magnificent M3 is the best one yet. A performer by any measure, its times on the racetrack and through our figure-eight test demonstrate that its various aspects work together. The BMW is lithe and athletic yet never punishing, and it comes in a package you can use and enjoy every day. The fact that it’s also offered in a coupe and upcoming convertible, and soon with a choice of two enthusiast-minded transmissions, means “M3” is a driving philosophy, not just a single model.

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